Nova Granites Fixes Record Date for reduction of capital pursuant to BIFR order

Nova Granites India Ltd has now announced that the Company became a sick unit in the year 1999 and was referred to the Board for Industrial and Financial Reconstruction (BIFR) to sanction a suitable "Scheme of Rehabilitation" for the revival of the Company. Accordingly BIFR sanctioned the "Scheme of Rehabilitation" vide its order dated November 11, 2003 in case no. 39/99.

The scheme inter alia provided for reduction of capital Rs. 7,60,00,000/- (Rupees Seven Crore Sixty Lakhs Only) consisting of 76,00,000 Equity Shares of Rs. 10/- each to Rs. 76,00,000/- (Rupees Seventy Six Lakhs Only) consisting of 76,00,000 Equity Shares of Rs. 1 each by reducing the subscribed and paid up capital of the Company by 90%.

Accordingly the Board of Directors of the Company fixed the record date on December 26, 2003 and sent the stickers for EQUITY SHARES EACH OF RUPEES 1/- and AMOUNT PAID UP PER SHARE RUPEES 1/- to all share holders to affix on their Share certificates instead of sending the new share certificates.

Source : Equity Bulls

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